Background
With UltraEdit you have the option to properly format XML content:
View > View as (Highlighting file type) > XML
Which changes the coloring so that tags, attributes and content are better readable.
Then you can do:
Format > XML Convert to CR/LFs
So that line breaks are appropriately applied.
What I need
What I am missing is proper indentation. You can collapse/expand segments, but without proper indentation it's hard to see the underlying structure.
Question
How can I apply proper indentation to the XML content?
The only answer I've found to this is to use Notepad ++ with the XML Tools plugin. Does exactly what you've described and more with a few simple clicks.